HSBC
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Türk Ekonomi Bankasi (TEB) and Vakifbank have adopted margin ratchets in their latest loans as a swathe of Turkish banks face ratings downgrades.
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Five banks raised more than $10bn in the senior unsecured dollar market this week, exploiting strong demand and at spreads that were in line with where covered bonds would have priced.
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HSBC and Santander UK found strong demand for senior bonds issued from their holding companies this week, revealing an opportunity for more deeply subordinated supply such as Nordea’s tier two benchmark.
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The Province of British Columbia added a pinch of Masala to its funding menu on Thursday, printing at the tight end of guidance as it became the first foreign sovereign or sub-sovereign to enter the market. -
UK distressed debt buyer Arrow Global this week returned to the market, after selling euros in April, with a refinancing deal to repay in full its 7.875% 2020 notes.
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Luxembourg-headquartered Armacell has launched a repricing request on its €445m term loan ‘B’, following Blackstone and Kirkbi’s acquisition of the foam insulation manufacturer from Charterhouse earlier this year.
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First-timer Far East Consortium International found markets plane sailing on Wednesday, managing to raise $300m thanks to no other high yield names distracting investors.
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Turk Ekonomi Bankasi (TEB) has signed a $567m loan, led by seven bookrunners, which includes the same margin ratchet as other Turkish banks Akbank and Vakifbank.
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The Brazilian senate’s vote to formally remove president Dilma Rousseff from office had already been priced into bond markets, according to bankers, though the vote appeared to have done no harm to issuance chances as Minerva announced a roadshow on Wednesday.
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The dollar market is set to remain the “darling” — in the words of one syndicate banker — currency in the coming weeks, after a trio of strong deals on Wednesday.
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The Province of British Columbia will dip into the Masala bond market for the first time with a January 2020 bond on Thursday.
